The next 48 hours could prove crucial for India-US trade relations. Union Commerce and Industry Minister Piyush Goyal is set to hold high-level talks with US Trade Representative Jamieson Greer in New Delhi as both countries attempt to finalise the
The discussions come at a critical time, with both sides racing against a July 24 deadline linked to the US tariff regime.
The meeting follows chief negotiator-level discussions held in New Delhi earlier this month and comes days after Prime Minister Narendra Modi and US President Donald Trump discussed the trade pact on the sidelines of the G7 Summit in France. So what exactly is on the agenda?
The biggest focus of the talks is expected to be the first phase of the bilateral trade agreement, often referred to as an interim trade pact.
According to Foreign Secretary Vikram Misri, negotiations have reached the final stages, with both countries making significant progress in recent weeks. Commerce Secretary Rajesh Agrawal has also indicated that the discussions between Goyal and Greer are likely to focus on giving final shape to the framework agreement.
Earlier this month, Goyal said both sides were moving towards closing all outstanding issues and could sign the first phase of the agreement by the middle of next month.
One of India’s key objectives is to secure a competitive edge for its exporters.
Speaking ahead of the talks, Goyal said India is seeking an advantage over rival nations in the proposed agreement with the United States.
This has become especially important because the tariff landscape has changed significantly in recent months.
Under an earlier framework discussed between the two countries, Indian exports were expected to face an 18% tariff, while competing countries faced tariffs ranging from 19% to 20%. However, all countries are currently subject to the same additional 10% levy, reducing India’s relative advantage.
Sources quoted by PTI said India wants the final agreement to ensure its exporters enjoy better market access than competing countries such as Vietnam, Bangladesh, Indonesia and other ASEAN nations.
A major reason these talks are being closely watched is the .
The US had imposed a temporary 10% tariff on imports from trading partners for 150 days. That arrangement is due to expire on July 24, after which a new tariff structure could come into force.
This means both countries are under pressure to reach an understanding before the current tariff framework changes.
Recently, Goyal said he would be “the happiest person” if the first tranche of the India-US trade deal is signed before July 24.
The negotiations are also taking place against the backdrop of two ongoing Section 301 investigations being conducted by the United States.
of 1974 provides Washington with a mechanism to impose tariffs or trade restrictions if it believes a country’s policies unfairly affect American businesses. India is among the countries currently being examined.
Despite this, Goyal has dismissed concerns that the investigations could derail the trade talks.
He recently said India and the United States would successfully conclude a bilateral trade agreement despite the probe and stressed that New Delhi would address any issues that arise.
The proposed agreement is expected to go beyond tariffs.
According to the framework discussed earlier, India has proposed reducing or eliminating tariffs on several US industrial and agricultural products, including tree nuts, fruits, soybean oil, wine and spirits.
At the same time, New Delhi has expressed interest in purchasing as much as $500 billion worth of US energy products, aircraft and aircraft parts, technology products, precious metals and coking coal over the next five years.
Trade experts believe the agreement could also include provisions related to investment flows, rules of origin and cooperation in strategic sectors.
The United States remains one of India’s most important trading partners.
India’s exports to the US stood at $87.3 billion in FY26, while imports were valued at $52.9 billion. India recorded a trade surplus of $34.4 billion with the US during the year.
A successful agreement could provide greater certainty to exporters, improve market access and deepen economic ties between the world’s largest and fifth-largest economies.
With the July 24 deadline approaching and both sides signalling urgency, the talks between and Jamieson Greer could determine whether India and the United States are finally able to move from negotiations to a signed trade deal.